Graduate Loan Discussion Area

sanders_2

:)Hi everyone, this is my first time..I hope someone can help.
Ive Just graduated (Woopee!) and now need to sort my finances out! Iam currently have a natwest account that offers a graduate loan at 7.9%, Although I ve just been on the 'moneysupermarket' and found loans from 5.9%.
Should I go for the lower rate loan and pay off my debt or keep on with the balance transfer action untill its all gone?
What to you think? I need Help!!
Thanks.x

Freddie_Snowbits

The graduate loan is more likely to be 7.9%. The moneysupermarket loan at 5.9% is probably a typical rate, i.e. indicative.

You could always apply to a number of lenders and see what rate/loan they offer, but as a recent graduate, it may not match what NatWest is offering.

Do not forget to use the low interest period you may have, and if you have already started work, look at reducing this in the first instance.

Good luck in the future.

kirbyken

Simple one- just graduated will start trainee job soon, on low money for 6 months inirally, and will move to another city soon.
need a few thousand for rent over that period-
WHO OFFERS THE CHEAPEST/BEST GRADUATE LOAN OVER 1/2YEARS?

cheers for any opinion/advice

trace-j

I took out a HSBC graduate loan last year to buy a car was 7.9% APR no questions asked. To get the loan you need to open a graduate account and have regular wages going in. There were loads of companies claiming to offer less than 7.9% but never offered it. You can only get 1 loan at this rate.

The downside is going over the overdraft limit on a graduate account- they really hammer you. I've just opened a Nationwide Flex Account really good rates on an overdraft better than HSBC.

I struggled to make ends meet in my first couple of years after graduating so held off on the loans until I needed it. I would recommend you try and do the same perhaps house share temporary loan from family or an overdraft.

bb98aam

Hi there, I am a newbie here... So hello all...

Will get to the point, I am here to hopefully find some advice...

I have just completed my Masters straight after completing my undergrad degree, so that’s 6 years at Uni, living hand to mouth...

I want to get a control or get rid of my "non-student loan" debts from uni as soon as poss., given I now have a regular income. Here’s a break down of where I am at:

Since finishing in Sept, I having being temping, waiting for my break into a graduate job... (take home about 900-1k a month)..., but at the mo after my pay has gone into my account and paid for everything (monthly payments, mobile bill, living cost, travel, going out, etc.) my over draft only goes down by about 400pounds, and that overdraft amount is the only available money I have...

Having saved up I have cleared some debt (~1.5K), which took me back close to my overdraft limit and I still have the following debts:
2.5K on a credit card, (Cap One), interest free ends next month…
~1.3K on my overdraft... paying interest on everything over a 1K, agreed limit 1.5K
~400 pounds on store cards @ 29.9% (Which I got caught on the, take our store card and save 10% trick) and other debts adding up to another 1K, but not paying interest on these (friends and family, but want to repay ASAP)…

Therefore a total of about 5.4K on top of my student debt... (This will be taken automatically from my pay…)

Given that I have a history of being very close if not over my agreed limit of 1.5K in my account throughout my uni days and going back near the limit now (having just cleared it, a card I had throughout uni was on a 18% rate so paid it), I think that my chance of gaining favour at my bank would not be good. They have me on a solo card, but still on the grad account...

Coz the interest free is running out on the cap one card I have applied for 2 credit cards (and been accepted) to balance transfer, which I am waiting for, but don’t know the limits for...
but I thought it would be best to take out a personal loan for 6K and pay it off everything over 3/4 years, given the high rates some of the debts will be on soon, but was refused for my application on the automated site for the AA online loan...
Should I ask them to review this or not bother?

… I have all these different debts I feel that that I should get out of my overdraft first and then not use that to pay of the others. Then have monthly payments and outgoings which will not take me back into my overdraft and this should help me get that final control on my money at the moment… I know its easy to say, but have showed some good control, but don’t always make the right choice of what to pay and when…

Sorry if this has been long winded, not every good at explaining my money sit (not sure on the terms etc) and I think my thesis was shorter than this, but would like to know what would be the best way to clear my overdraft and sort out my non-student loans debts from uni….

Regards,
BB..

Walletwatch

Hi BB

First of all, welcome to the forum.

On your situation, I think the two credit cards that you have applied for should hopefully cover the bulk of your non-student loan debt of £5400 (if not all of it) Should it not be sufficient, make sure to start transferring balances from the debt charging the max int rate (your store cards) down to the least interest. Of course, the loan from friends and family is a personal consideration, as from a commercial viewpoint, it'd make sense to settle that last of all, but there would obviously be personal preferences associated with it, you are the best judge there.

Transfer these balances to these two cards, make no purchases on them, and try to pay more than the minimum balance on each of these cards, so as to bring down your debt.

If your student loan is a cheap one (low interest) as I suspect, it might not make sense going for another loan to settle your student loan obviously. I would retain my student loan, and focus on repaying the other debt first.

HTH
WW

bb98aam

Thanks for such quick reply, will not do anything untill the two cards get here... Will transfer the store card first...

But will that refusal for the AA loan hurt my credit rating allot... I am thinking long term...

I think your right about trying to pay friends and family last, but its hard to overcome that feeling of it's their hard earnt money that should be paid back first, but they have not brought it up...

Thanks
BB.

stuart_j

i graduated two years ago with a 15K student loan debt

i am now working fulltime and was wondering if any of you have any hints on paying this off quickly / cheaply as possible??

gingeremm70

hi there
just wondering if anyone had any info on the best graduate loans around right now?

davidcampbell

only pay it off if the interest rate on it is higher than you can get from a savings account. just pay the minimums deducted direct from salary in the meantime

unless you feel uncomfortable about having the debt 'hanging around', providing you are not borrowing (eg on overdraft) to pay it off quicker.


DC